The continued build-out of Steelpointe Harbor takes center stage Monday at 7 p.m. for the City Council’s first meeting of 2022 when the legislative body is expected to approve a tax abatement that calls for 400 market-rate units of housing, hotel and associated retail plan at Stratford Avenue and East Main Street along the waterfront at the intersection of the East Side and East End close to Downtown.
A joint committee of the City Council, by a 9-1 vote, has approved the tax plan.
Under the terms of the agreement, the developer will pay taxes on the cost of the land for three years annually, $23,900, during the construction and occupancy phase. Tax payments will increase to $1.26 million in 2025, rising by two percent each year, reaching $1.47 million in the final year of the abatement. Full standard taxation will then commence.
The apartments will range in price from $2,100 to $2,700 per month which supporters of the project assert creates a higher-end housing market bringing new investment into the city.
Some opponents argue the tax plan should include a 20 percent set-aside for affordable housing.
Based on the vote by a Joint Committee on Economic and Community Development and Environment and Contracts, the plan is expected to pass the full 20-member body.
See full agenda here.
This meeting will be conducted by Teleconference.
The public may listen by calling the following conference line and then entering the conference code:
Dial-In Number: (929) 436-2866
Meeting ID: 381 083 245